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Impersonation scams targeting seniors surged in 2024

The Federal Trade Commission offers tips for staying safe

Updated:

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By:
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Mark Huffman
Reporter

Mark Huffman has covered consumer issues since 2004, with a special focus on protecting and empowering older adults. A former news correspondent for the Associated Press Radio Network, Westwood One, and ConsumerAffairs, Mark brings decades of journalistic experience to RetirementLiving.com. He is passionate about giving consumers a voice and helping them make informed decisions. Mark has also created educational content, including Senior Scam Alert, a video resource designed to help seniors recognize and avoid fraud. He holds a B.A. from the University of Kentucky and lives with his family in Richmond, Virginia.
Hooded person holding a phone over their face: Photo by Tom Sodoge on Unsplash

Photo by Tom Sodoge on Unsplash

Key Insights

  • Reports of older adults losing $10,000 or more to impersonation scams have surged more than four-fold since 2020.
  • Combined losses for seniors losing over $100,000 jumped eight-fold, reaching $445 million in 2024.
  • Scammers often pose as trusted agencies or companies to trick victims into transferring money to “protect” it, but actually steal it.

A new Federal Trade Commission analysis shows a dramatic rise in financial losses among older Americans due to impersonation scams, with reports of losses of $10,000 or more surging over four times since 2020.

The FTC’s latest Consumer Protection Data Spotlight shows that in the last four years, the total losses reported by seniors who lost more than $100,000 in these schemes soared from $55 million in 2020 to $445 million in 2024, an eight-fold increase. While younger consumers also reported falling victim to these scams, the financial impact is hitting older adults the hardest.

These scams typically involve fraudsters contacting consumers with false alerts about a supposed urgent threat, coaxing them to transfer funds to “keep them safe.” Instead, these transfers go directly into the hands of scammers. The most common lies used in these schemes include:

  • Claiming someone is using the victim’s accounts: Scammers pretend to be from established businesses or banks, reporting suspicious account activity.
  • Alleging criminal use of personal information: Fraudsters pose as government agents, warning that the victim’s Social Security number or other information is linked to crimes such as drug smuggling or money laundering.
  • Faking computer security problems: Some scams begin with fake security alerts on a victim’s computer, supposedly from tech giants like Microsoft or Apple, leading the victim to call a number and be told hackers have compromised their accounts.

Scammers have even impersonated the FTC itself, instructing victims to transfer money, deposit cash into Bitcoin ATMs, or physically hand off stacks of cash or gold to couriers—actions the FTC emphasizes it would never request.

No matter the ploy, the ultimate goal is to steal victims’ savings. In response, the FTC urges consumers to take the following steps to avoid falling prey to such scams:

  • Don’t move money to “protect it”: Never send or transfer money to anyone following an unexpected call or message.
  • Hang up and verify: Always confirm by contacting the agency or business directly using an official phone number or website.
  • Block unwanted calls: Explore call blocking options to filter out many scam attempts before they reach you

For more information on avoiding scams or to report fraudulent activity, consumers can visit consumer.ftc.gov or ReportFraud.ftc.gov. The FTC stresses that it will never demand money, make threats, instruct consumers to move funds, or promise prizes.